We are continuing to trade to the up side here for now on all the markets. For the S&P500 we are fast approaching the 200ma on the daily chart witch may give us a good upside target for the price action to trade to before pausing or changing direction to the downside. However be cautious the markets are looking toppy here on the weekly and daily time frames. This is a day traders market still. I believe the 401K holders/owners need to wait for a pullback in this market before starting to move there money into any non-fixed income funds. Technically we are still in a short term Bull Rally within a BEAR market.
Short term strategy: SPX/SPY are still trading higher it looks like it is still putting in higher highs and higher lows on the 30 minute chart for now. As long as this bullish pattern continues we can continue to buy the dips and sell the rips. We are at the top of the trading channel here so look for a pull back soon.
However be careful the markets are looking toppy here on the weekly and daily time frames.
Long term strategy: For long term traders you need to wait for pull back on the daily or 30 minute chart before buying the SPX/SPY and also buy a protective PUT for insurance to the down side, or limit your risk by buying a bull call spread instead.
Remember to always protect your trade with a “stop loss” or a hedge on your trade.
Patterns: Short term: Bullish for now, Long term: Bullish for now.
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The QQQQ looks to be holding above the 200ma on the daily chart for now, however be careful if Q’s can not hold the 200ma we may see the Q’s lead the markets in a pullback on the daily time frame.
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